Ecp Nets Growth Investment Totaling ‘several Hundred Million’ Dollars, With Plans To Expand Services

ECP, a software provider for assisted living communities, has announced it has received a “several hundred million” dollar growth investment from tech growth capital firm Level Equity, according to CEO Adam Aisen.

ECP is a senior living tech company that deploys electronic medication administration record, electronic health record, customer relationship management and other software. Its products are found in more than 8,000 communities across the country.

The investment, for which ECP did not share an exact dollar amount, will be used to “accelerate product development, with a particular emphasis on AI, value-based care and ease-of-use,” according to a press release. ECP’s priorities include hiring and growing its product and engineering teams, along with investing more in predictive analytics. The company also seeks to expand AI tools, such as those that can transcribe spoken words into medical notes.

The new investment is an affirmation that communities don’t want to use general purpose software built for other settings and adapted to senior living, Aisen said.

“Five years ago when I joined ECP, most customers were using EHRs that were not specifically built for assisted living. They were built for some other care setting,” Aisen told Senior Housing News. “Operators really want to use more modern software today. They want software that’s purpose built for senior living.”

He added the investment from Level Equity is “a huge vote of confidence” in the company and what it does.

Ben Levin, Level Equity co-founder and CEO, said now is the time to enhance ECP’s capabilities after following the business for more than a decade.

“Like millions of other Americans, I’m living through my own parents aging into and through various forms of senior care and recognize the challenges and complexities – functionally, financially and emotionally,” Levin said in the release. “Nothing is more important than doing this well and I am humbled and excited to be part of an organization that can allow others to do the same with less risk and more transparency and confidence.”

Looking ahead, ECP is posting job openings to fill its product, engineering and leadership teams, along with investing in new “cutting edge” technologies.

“The need for easy-to-use, purpose built, modern software for senior living is only getting more and more intense, and the best way we can respond is to invest all of the capital we are able to access into our product,” Aisen said.

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